Tidbits, Teucrium Report, Markets & Rain Days Update 3/4/23
At 7:54 AM Central time yesterday, the Wall Street Journal reported that the United Arab Emirates (UAE) was considering leaving OPEC. Crude oil futures dropped $2 within seven minutes. UAE has been at odds for years with OPEC, led by Saudi Arabia, over production quotas. UAE thinks OPEC should be selling their crude oil faster to get the money for all of it before the world finds a replacement for crude oil. Also, there has been friction for years between UAE and Saudi Arabia as they are on opposite sides of the civil war in Yemen. Reuters quickly denied the OPEC split claim as “far from the truth.” Crude futures rallied within minutes to make new highs for the week. This feud will whipsaw the crude oil market many more times in the coming years.
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